Puma jumps in the stock market after positively surprising analysts

Puma is moving with the agility of a true feline, jumping more than 7% in the stock market following the release of its latest earnings report. The German sportswear giant, recently acquired 29% by Anta, surprised analysts by reporting revenue above expectations.

Indeed, the group closed the year with revenue of €7.296 billion, compared with the €7.12 billion expected. Headline EBIT showed a loss of €357.2 million, slightly better than the €374 million estimated. Underlying EBIT, before exceptional charges of €192 million, was negative €166 million, better than the consensus of -€183 million.

However, despite the strong stock market jump, Puma recorded a 20.7% drop in sales, less than the expected -30.2%, showing signs of resilience, particularly in direct-to-consumer channels. Gross margin in the fourth quarter stood at 40.2%, slightly below the 41.1% estimate, due to discounting and inventory actions, while the company confirmed that the stock cleanup process is slightly ahead of plan and should normalize by the end of 2026.

Looking ahead, Puma expects low- to mid-single-digit sales declines in 2026, excluding currency effects, and an EBIT loss between €50 million and €150 million, confirming that 2026 will be a transition year, with the goal of gradually returning the group to stability.

Benedetta Zimone